LONDON (Reuters) – Credit Suisse has established a new division to provide restructuring advice to companies and private equity firms in Europe, the Middle East and Africa (EMEA). The bank’s restructuring team will focus on providing advice to companies on balance sheet, liquidity and liability management issues, according to a memo circulated to staff on Friday. A bank spokesman confirmed the information on Monday.
The speed and severity of the global economic downturn has forced many firms to seek advice on how to manage their businesses, particularly if they have a large debt burden, prompting a surge in demand for restructuring advisers.
Marisa Drew and Craig Klaasmeyer will jointly lead the new debt advisory and restructuring team. The pair were previously co-heads of leveraged finance origination at Credit Suisse. Drew remains co-head of the bank’s EMEA global markets solutions group.
Bob Willoughby, a veteran Credit Suisse banker with more than 25 years experience, will act as chairman of the new team.